APS : Wednesday, 14 February 2018
ALGIERS – National Oil Company Sonatrach and Italian Group of Engineering and Oil Exploration Saipem have signed Wednesday in Algiers an agreement on the settlement of the issues in dispute.
This agreement has been signed by CEO of Sonatrach Abdelmoumen Ould Kaddour and Saipem CEO Stefano Cao.
In December 2017, the International Court of Arbitration ordered Group Saipem to pay 135 million US dollars to Sonatrach, following a dispute dating back to 2014. The dispute is related to a contract for the construction in Algeria of an associated liquids extraction plant in Hassi Messaoud and oil separation (LPG project), concluded in November 2008.
Following the agreement signing ceremony, Ould Kaddour said that the agreement allows to “end the dispute between the two companies, which are partners for decades.”
Saipem CEO deemed the agreement “historic.”